MANILA, Philippines — Century Properties Inc. (CPI), the holding firm of the listed property company of the Antonio family, is entering into a partnership with international conglomerate Globe Invest that will result in investments worth over $1 billion.

CPI said it would enter into a joint venture agreement with Globe Invest for advanced energy optimization management, advanced agriculture and urban farming, prefabricated housing, water desalination, and other master-planned real estate development projects.

The agreement was signed on Sept. 4 and was among the deals inked during President Duterte’s four-day visit to Israel.

Globe Invest is an international conglomerate engaged in advanced technological applications in various industries including energy, agriculture, real estate, co-working and co-living spaces, water management and other businesses.

CPI’s listed property company, Century Properties Group Inc. (CPGI), has been diversifying its portfolio, moving from just purely high-end residential to other segments such as the first home segments and then hotels and other tourism related developments.

The company has four sources of income – the vertical developments, affordable line, leisure and recreation, and tourism projects and the fourth is the commercial segment.

CPGI last May formed a new joint venture company with Japan’s Mitsubishi Corp. that will invest at least P10 billion over the next five years to develop affordable housing projects nationwide.

In the first half, CPGI posted a net income of P490 million, up 10 percent from P446 million behind strong contributions from its residential and leasing businesses.

CENTURY PROPERTIES Group, Inc. (CPG) aims to grow its recurring revenue base to P1.5 billion by 2020, as it completes a mix of office, retail, and hospitality projects during the period.

The Antonio-led property developer currently has around 130,000 square meters (sq.m.) of leasable spaces under its portfolio, which the company is targeting to expand to 350,000 sq.m. by 2020. This will allow the leasing unit to contribute to a third of revenues at the same time.

“By 2020 we hope to grow that close to five times to around P1.5 billion of revenues over around 300,000 sq.m. of office space. It includes most of our recurring income, including Century City Mall,” CPG Chief Operating Officer Marco R. Antonio told reporters after the signing of a lease agreement for one of its office towers in Makati yesterday.

CPG is set to complete four projects until 2020, including the company’s largest office building called Century Diamond Tower (CDT) inside its Century City estate in Makati. The P4.5-billion office tower will offer 58,618 square meters (sq.m.) of leasable office space across 35 floors.

The company looks to attract multinational firms, business process outsourcing, and knowledge process outsourcing firms to locate in CDT, which has also secured accreditation from the Philippine Economic Zone Authority. This entitles locators in the building to tax perks.

CPG signed on Wednesday a leasing agreement with real estate brokerage services firm Leechiu Property Consultants (LPC) for the CDT. The company expects CDT to command lease rates of P1,200 to P1,300 per sq.m. every month.

“We hope that this tower will be fully lease out prior to its opening. We want to start the leasing process a year in advance,” Mr. Antonio said after the signing ceremony for the leasing agreement with LPC.

Previously called the Forbes Media Tower, CPG is changing the project’s name to CDT after deciding not to push through with its partnership with Forbes. However, the company said it remains open to other collaborations with Forbes in the future.

CPG also partnered with Japanese firm Mitsubishi Corp. for the project.

PROJECT COMPLETION
At the same time, CPG is scheduled to complete the Asian Century Center in Bonifacio Global City this November. The 20-storey office building will offer around 25,000 sq.m. in leasable space, 80% of which has already been leased out. Mr. Antonio noted lease rates are also at around P1,200 per sq.m. in the project.

The company will likewise complete Novotel Suites Manila, its hotel development at the Acqua Private Residences in Mandaluyong City. The hotel will offer studio, deluxe, and two-bedroom units across 41 floors. Amenities include a swimming pool, gym and fitness center, swimming pool and deck, and a restaurant bar and café.

It will also finish construction of Century Spire, a 60-storey mixed-use tower in Makati with residential and office components.

The four projects will bring CPG’s leasing portfolio to around 300,000 sq.m., from the current 130,000 sq.m.

Beyond these projects, Mr. Antonio said they are currently on the lookout for more land banking opportunities.

“We’re actively looking for new sites. Hopefully next year we will be able to announce more,” Mr. Antonio said.

CPG’s net income climbed 10% to P490 million in the first six months of 2018, as revenues likewise surged 40% to P4.7 billion.

Century Properties, Mitsubishi to spend P28B for affordable housing foray

CENTURY Properties Group, Inc. (CPG) will be spending P28 billion alongside Japanese partner Mitsubishi Corp. for the rollout of 15 masterplanned communities catered toward the affordable housing market through their newly-incorporated firm.

The Antonio-led property developer formally launched its 60-40 joint venture with Mitsubishi called Phirst Park Homes, Inc. (PPHI) on Thursday night, a few months after both parties signed the partnership agreement for the venture.

Of the total capex, PPHI will be spending P11 billion over the next five years. PPHI President and Chief Executive Officer Ricky M. Celis said they currently have two models for the masterplanned developments they want to adapt.

“We have in our masterplan two models. One is the 20-hectare community which will be mostly residential. A portion of that will be for some mixed use to cater to the community itself. The other is what is called the township, that’s at least 100 hectares each and will be a combination of several uses,” Mr. Celis said in a press conference prior to the launching ceremony.

CPG Co-managing Director Jose Carlo R. Antonio said the first five locations they hope to secure will cover around 20 hectares, potentially located in Cavite, Laguna, Batangas, Bulacan, Pampanga, and the CALABARZON area.

“Currently we’ve acquired two and we’re looking to contract at least three by the first to second quarter of next year. So hopefully while the company’s still young, by June next year hopefully five out of that 15 will be secured already,” Mr. Antonio said during the press conference.

Mr. Celis said they will offer six to seven housing models under PPHI worth P1-6 million. The company’s target market includes first time home buyers and overseas Filipino workers with a combined monthly income of around P30,000 to P80,000.

Under the planned spending, PPHI looks to deliver 33,000 housing units with a sales value of around P57 billion.

The incorporation of PPHI came after CPG’s foray into the affordable housing segment in 2017, in a bid to diversify its portfolio to include affordable housing, leisure and tourism estates, and commercial leasing from its former focus on in-city development of high-rise condominiums for the mid- to high-income market.

CPG has already partnered with Mitsubishi for its first project under the affordable segment, namely Phirst Park Homes Tanza in Tanza, Cavite. The project will include 2,800 units, the first 600 of which will be completed by yearend.

“The Mitsubishi brand brings in a lot of the technologies as well so we know Japan to be at the forefront of technology so they bring a lot of that potential to assist in the building and of course their reputation in terms of balance sheet,” Mr. Antonio said.

The company also launched last June Phirst Park Homes Lipa in Lipa, Batangas which offers 1,867 units valued at P2.8 billion.

CENTURY Properties Group, Inc. (CPG) plans to launch the second phase of its P2.8-billion housing project in Lipa, Batangas ahead of schedule, following the brisk take-up of the first set of units in the affordable development.

CPG President for the Affordable Housing Unit Ricky M. Celis said they have sold around 650 units out of the 900 units included in the first phase of Phirst Park Homes Lipa. The 20-hectare property will offer a total of 1,800 units, and will be developed in three phases.

“We launched officially in June, and we opened the first 900 out of the 1,800. We’re practically 70% sold out of those first 900,” Mr. Celis said in a press conference before the launch of its partnership with Japanese firm Mitsubishi Corp. for affordable housing projects.

With this, Mr. Celis said they look to launch the second phase “very soon.”

“In fact we’re now filing for our phase 2 license to sell. That’s two years ahead of schedule. So we’re happy that the market is responding quite well,” Mr. Celis said.

The company targets first home buyers with a monthly household income of P30,000 to P60,000 for the project, with amortization offered as low as P9,000 per month for a 40-square meter townhouse.

Amenities in the development include a village clubhouse, swimming pools for adults and children, an open-air cinema, and playgrounds that depict traditional Filipino games such as piko, patintero, taguan, tumbang preso, and holen.

The Lipa development is CPG’s second affordable housing project after Phirst Park Homes Tanza in Tanza, Cavite. The Cavite project is being developed in partnership with Mitsubishi Corp., offering a total of 2,877 homes in a 26-hectare community.

CPG reported that it has already sold out the first phase of the Tanza project consisting of 1,200 units, bringing in sales of around P1.4 billion. The company will complete about 600 units of townhouses and single-attached models by year end.

The company’s foray into the affordable housing sector forms part of its plan to address the 6.6-million housing backlog in the country, which is further expected to grow to 12 million by 2030.

CPG formally unveiled last week its partnership with Mitsubishi Corp., which will further deepen its investments in the affordable housing market through Phirst Park Homes, Inc. The newly-incorporated firm will be investing P28 billion in the following years to develop 15 master-planned communities.

Mr. Celis noted that they are currently building up their scale, as they plan to enter the Visayas and Mindanao markets in the medium term. For now, the company’s focus is in Luzon, particularly in Cavite, Laguna, Batangas, Bulacan, and Pampanga.

CPG generated a P490-million profit in the first half of 2018, as revenues jumped 40% to P4.7 billion for the period.

CENTURY Properties Group, Inc. (CPG) has pre-sold 342 vacation homes worth P2 billion in its residential tourism estate in Nasugbu, Batangas, more than nine months after it was unveiled to the market.

In a statement issued Friday, CPG said its leisure, tourism, and hospitality unit Century Properties Leisure and Hospitality, Inc. (CPLHI) has pre-sold 342 vacation homes in Batulao Artscapes. The 142-hectare estate seeks to capture local end-users looking for a weekend retreat, as well as families and retirees in search of secondary homes near Metro Manila.

Dubbed as an “artventure community,” the entire property will feature houses designed by Filipino and international designers such as Ed Calma, Kenneth Cobonpue, Budji Layug, and Royal Pineda, Daphne Guiness, and Studio Libeskind Design.

“We are excited to bring something that combines art, nature and adventure into this beautiful out-of-town property. We are optimistic of the market’s continuous positive response to the project given the expanding middle class and surge of domestic tourism in the Philippines,” CPLHI President Tim Hallett said in a statement.

The first 36 hectares of the project will offer around 2,000 homes. Mr. Hallett earlier said that they will also be launching the second phase of the project consisting of 1,700 homes, which is expected to bring in P13 billion in pre-sales for the company.

Batulao Artscapes will house amenities such as a man-made beach with a clubhouse and a lake with a wedding chapel. The company also expects to lure in tourists in the property through a sports park, a “flavor” park, and an art park with museums designed by Pritzker Prize-winning architects.

Property technology firm Revolution Precrafted will be supplying the homes for the estate.

CPG targets to deliver the first batch of homes in early 2019, with the entire project to be completed by 2021.

The Antonio-led property developer noted that it would take a 1.5 to two-hour drive to Batulao Artscapes from Makati City via four access points: Daang Hari Road towards the Nasugbu-Kaybiang Tunnel, the Star Tollway to Tanauan Exit, the South Luzon Expressway (SLEX), and Cavite Expressway (CAVITEX).

The company also said that the property will be less than an hour away from Tagaytay once the Cavite-Tagaytay-Batangas Expressway is completed by 2022.

CPG booked a net income of P490 million in the first six months of 2018, benefiting from a 40% increase in revenues to P4.7 billion during the period.

CENTURY Properties Group, Inc. (CPG) will open a new office building in Bonifacio Global City (BGC) in December, expecting the project to generate around P468 million in revenues annually once fully leased out.

In a statement issued Monday, the Antonio-led property developer said the P1-billion Asian Century Center will offer a total of 26,913 square meters.

Located along 27th Street on the corner of 3rd and 4th Avenues of BGC, the building has been accredited by the Philippine Economic Zone Authority (PEZA), granting locators with tax perks. It is also compliant with the United States’ Green Building Council’s Leadership in Energy and Environmental Design (LEED).

The tower was developed in partnership with Asian Carmakers, Corp., the exclusive distributor and importer of BMW vehicles in the Philippines. CPG earlier said the 21-storey tower will house the largest BMW showroom in the country.

“CPG is consciously improving its developments to not only conform with modern specifications but also green and sustainable design. Asian Century Center is CPG’s proud addition to its office leasing portfolio as it provides great value to its locators through its superior features, PEZA accreditation and LEED compliance,” CPG Chief Operating Officer Marco R. Antonio said in a statement.

The company’s development of the Asian Century Center forms part of its efforts to diversify its portfolio to include affordable horizontal housing, leisure and tourism, and for-lease properties, in addition to its core high-rise condominium developments.

For its office segment, CPG has also partnered with Mitsubishi Corp. for the development of the 35-storey Century Diamond Tower in Makati City. It has tapped LPC to manage the property, which is set to contribute P844 million worth of annual revenues to the company. The tower will be opened next year.

CENTURY PROPERTIES
For Antonio-led CPG, net income climbed to P660.96 million in the first nine months, against P538.74 million in the same period a year ago. At the same time, P7.5 billion worth of revenues were realized, 45% higher year-on-year.

CPG registered 84% higher earnings to P171.11 million in the third quarter alone, while revenues picked up 55% to P2.81 billion.

The company attributed the profit growth to higher sales of condominium units, accompanied by price increases implemented in the third quarter. Its in-city developments such Azure South Projects Boracay and Bahamas projects drove sales for the period, while projects in the affordable also contributed P752.05 million.

CENTURY Properties Group, Inc. (CPG) has leased out about 75% of the P1.6-billion Asian Century Center (ACC) in Bonifacio Global City (BGC), with majority of the locators coming from the information technology and business process management (IT-BPM) sector.

The Antonio-led property developer on Tuesday formally opened ACC, a 21-storey office tower with a net leasable area of 29,628 square meters (sq.m.). The building was developed in partnership with Asian Carmakers Corp.

“We’re hopeful that by yearend we’ll be majority leased. The interest has been very good. All our tenants are full floor tenants so far, we’re quite hopeful that the trend will continue. That’s much more efficient for us from the point of revenues,” CPG Co-Chief Operating Officer Jose Marco R. Antonio told reporters on the sidelines of the opening ceremony for the building. ACC’s lease rates stand at about P1,200 to P1,400 per square meter (sq.m.), in addition to P190 per sq.m. in monthly dues. CPG tapped real estate consultancy services firm Leechiu Property Consultants as the exclusive leasing manager for the building.

Mr. Antonio noted the typical lease agreement covers five years, but some have already expressed interest in renewing it in the future. Some tenants are also planning to further expand their operations in the same building.

“It’s a good sign that the underlying businesses of these tenants are growing and that demand for their services is robust. It’s very encouraging not just for the building but for the industry as a whole,” he added.

ACC is accredited by the Philippine Economic Zone Authority (PEZA), which grants tax perks to locators. This indicates that the building has complied with PEZA’s requirements such as 100% power backup, provision for high-speed internet and infrastructure, and a building management system.

The building is the fifth by CPG to be registered under PEZA.

ACC is also pre-certified for LEED, a global green building and sustainability certification system by the United States Green Building Council. The company looks to secure the LEED Silver status for ACC.

CPG expects ACC to contribute P500 million in annual revenues to its leasing portfolio once fully leased out.

ACC forms part of CPG’s goal to have about 300,000 sq.m. of gross floor area under its leasing segment once all projects are completed in 2020. The company’s leasing portfolio is seen to generate P1.5 billion worth of revenues by then.

CPG’s net income attributable to the parent rose 13% to P608.56 million in the first nine months of 2018, following a 45% uptick in gross revenues to P7.5 billion during the same period.